Dubai Investments, the largest investment company listed on the Dubai Financial Market, reported a 32% decline in second-quarter profit as investment income dropped. Net income fell to Dhs196.3m ($53m) from Dhs287m a year earlier, the company said in a statement. Income from sale of goods and services fell 1.8% to Dhs309.4m, while contract revenue rose 30% to Dhs213.8m. Dubai Investments wrote down the value of its investments by 49.7 million dirhams in the quarter, while it had a profit of 53 million dirhams a year ago, the results showed. has said it has started with the process of launching an initial public offering for its subsidiary, M'Sharie, by next year. "The company has already initiated processes for the M'Sharie IPO planned for 2011 and is in active discussions with local stock exchanges. The IPO of M'Sharie will result in raising liquidity and will provide a platform for future growth," Khalid Bin Kalban, DI managing director and CEO said. The conglomerate has reported net profit of Dhs474m for the first half of this year with total income at Dhs1.67bn.